Daily Oil – Feb 20
Click charts to enlarge
Chart 1 – A nice little rally which has taken the market overbought as you can see from the RSI and Slow Stochastic and we have broken above the highs of late last year.
Since last November the market keeps gravitating back to the $100 level and it continues to be a key level.
Chart 2 – The Fibonacci Projection Study, the black dots indicate the projection points, shows how the price action bounced very nicely off the 38.2 pct target level and then found some support at the 200-day Moving Average.
The break above the 38.2 pct target is significant and we need to redraw the FP. I’ll do that next week.
Categories: Daily Oil
